The Hazel Green herald. [volume] (Hazel Green, Wolfe County, Ky.) 1885-19??, 1887-08-12
THE GREAT LOCK UP"
by the United States Treasury Depart
neut.

ny the pn1too States treasury Depnrt
mont.
The following circular letter from the
banking house Of Harvey Fisk 4 Sons
embody some startling facts. We COM
mend il to our readers as worthy Of q
careful perusal:
The situation is startling. If allowed
to continue every interest will feel it.
Every foot of land will become of less
value, every bushel of wheat, every BUSH
ell of corn, every pound of cotton will
decline in value. On the other hand, If
the administration goes to work under
the powers given it by existing laws, and
earnestly tries to frame new laws for the
consideration of the Congress, we shall
see such an era of prosperity as was new
er before witnessed in this land.
The fact is, with the exception of some
twenty millions deposited by the Treas
ury with National Banks, there is now
"locked up" out of use and drawing no
interest, in the United States Treasury,
the vast sum of nearly $40, 000. 900. One
hundred millions of this vast sum the
Treasury is obliged to keep under the
laws as a reserve against United States
notes.
Upwards of another hundred millions
of this vast sum is retained to redeem
the notes of National Banks failed or re-
firing circulation.
There is no law requiring the Treasury
to keep this sum locked up. 1t is only
required to redeem the notes as present
ed.
1t will he years before these National
Bank notes will all come in, and it is
more than likely that 3 to 5 per cent.
will never be presented.
Should this money lie idle all these
years? If it must, then there is some
defect in the National Banking law
which ought to be corrected.
Why Congress should have put il in
the power of the National Banks to Use
the Treasury in this way is a serious
question.
OF the balance of this vast sum there
is retained to meet past due Bonds, Dis
bursting Officers drafts, p. O. Depart
ment accounts and divers appropriations,
nearly seventy million dollars, just AZ if
the Treasury was not receiving from the
people every month upwards of twenty
five million dollars to meet all these
things.
For all the above the Treasury De-
partment may set up Il valid excuse; If
so the next Congress should see that
something is done to utilize as large a
part of this $270, 900, 900 ia is consistent
and safe.
Still remaining is so, 900, 900, for which
lock up there is no reason or law cx-
cept the ruling or wishes of the Treasury
Department.
II is well for the people to know how
the Treasury stands.
The following figures are from the
official statement issued by Secretary
Fairchild, June 80, 1887:
IN THE TREASURY.
Gold Coin and Bnllion...... $27S, 1Ol, 100 90
Silver-Standard Dollars,
Bullion, Trade Dollars 80. 2i9, 40, 507 65
and Fractional Silver,
United States Notes............. 2S,7s3, 1868
National Bank NOtes.......... 1877, 04GO1
Deposited in National Banks 22.9Dl, 302.33
1870, 56S, si9O4
At same date the Treasury
had outstanding
Gold Certificates ................ sol. 900 1870
Silver Certificates ............... l42 IiSO17. 90
u. $. Notes Certificates......... S,77OO00.0 90
$242, l13,45i.OO
Thus leaving, with the
exception of the little
part in the National 1897, I5j, 395.04
Banks, Locked Up"
in the Treasury,
With ali outstanding debt of over a